Spot Gold Surges Past $4300 Amid Weak Jobs Data and Record Central Bank Buying

Gold breaks consolidation to hit $4300/oz, driven by cooling US labor data, easing geopolitical tensions, and record Q2 central bank purchases of 288.9 tons.

Woofun AI reports that spot gold prices exceeded $4300 per ounce, breaking a month-long consolidation phase. This movement was fueled by weaker-than-expected US ADP employment data, which reduced expectations for Federal Reserve tightening, alongside easing tensions in the Strait of Hormuz that lowered energy inflation bets.

Global central banks purchased a record 288.9 tons of gold in Q2 2026, while the Bank of Korea resumed buying after 13 years. Chinese gold ETFs recorded 14 consecutive days of net inflows. Deutsche Bank and UBS maintain bullish outlooks, targeting $4600 by end of 2026. UBS expects gold to reach $4600 by year-end and challenge $5000 in 2027. Citigroup and Dufu Investments also see upside.